ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 21 01:00

Housing Recovery - Real Or Memorex

May 20 19:04

George Soros, NATO, US Color Revolution Machine Behind Unrest in Macedonia

By Brandon Turbeville

With tensions heating up between the United States and Russia over a number of issues - Ukraine, BRICS, sanctions, and NATO encirclement to name a few - the West continues its move in toward Russia's borders. The latest target in the Anglo-American destabilization campaign has now come forward - Macedonia.

In the attempt to destroy the elected government of Macedonia, George Soros, NATO, and the Western Color Revolution apparatus have all come together to ensure that the will of the Macedonian people is denied as is the will of populations in all Western-style democracies.

As informed observers might well suspect, any color revolution taking place in Eastern Europe will involve the heavy hand of George Soros...

May 20 16:48

Wall Street reacts to Fed's April minutes

The minutes of The Federal Reserve's April policy-setting meeting showed that doubts about the strength of the US economy grew.

Even before the minutes were released, markets had come to expect that a rate rise in June looked doubtful, on the back of recent lacklustre economic data.

Here's what economists took away from the latest Fed minutes.

May 20 16:16

Look Homeward, Hegemon Part 1: Cold War 2.0 Abroad, Cold Civil War Between the U.S. Government and Its People At Home

To summarize the domestic and international situation — not only is the U.S. government waging a new Cold War abroad with Russia and China, but there’s abundant evidence it’s also entering a ‘cold war’ with large parts of the American population. As during the first Cold War, with the rise of what President Dwight Eisenhower called ‘the military industrial complex’,27 the external ‘Cold War 2.0’ is supplementing the post-9/11 ‘War on Terror’ as a driver of enhanced government power at home. Consider:

1) The U.S. is in a second Cold War with Russia and China it initiated in Syria, Ukraine and now with the ‘pivot to Asia’, in order to defend the dollar’s world reserve currency status.......

May 20 15:17

Your Retirement Funds are in Grave Danger

May 20 15:00

It Begins: Ukraine Takes First Real Steps To Default

The Ukrainian government is on the brink of declaring default. It has proposed a bill allowing the government to impose a “moratorium” on payment of the country’s external debts.

May 20 14:45

Materialism, market fundamentalism and the global suicide epidemic

Graham Peebles argues that the materialistic values which promote individual success, greed and selfishness, and the market fundamentalism which so ardently promotes these values, lie behind the worldwide epidemic of suicide.

May 20 14:14

Egg Prices Soar Due to Bird Flu

May 20 11:54

Greece edges towards collapse as troika demands new austerity plan

German Chancellor Angela Merkel is scheduled to meet Greek Prime Minister Alexis Tsipras Thursday, during a meeting of European Union leaders in the Latvian capital of Riga.

In the run-up to the meeting, European Commission (EC) Jean-Claude Juncker denied offering Greece a deal of around €5 billion in loans in exchange for a package of structural reforms.

May 20 11:53

The deindustrialization of Baltimore

It has been more than a month since Freddie Gray was killed in the custody of the Baltimore Police Department. The 25-year-old man’s death set off a wave of protests and isolated rioting as residents voiced their anger against police brutality and the impoverished conditions that especially deny young people any decent prospects for a future.

May 20 10:49

Corporatocracy

Wrapped in a worldwide currency depression, the intentional zero interest rate strategy has fostered great damage to the practice of saving. Nevertheless, not everyone believes or blames central banksters for enacting a deliberate policy. Reporting on one such denier is UK columnist Jeremy Warner. He writes in the Telegraph article, When will interest rates rise? The way things are going, maybe never.

May 20 10:43

Obama’s Ugly Show of Presidential Petulance

The President has "worked himself into such a tizzy over the TPP." While his progressive friends in Congress are questioning the secret trade agreement, Obama is lashing out at them in a pathetic show of presidential petulance.

May 20 10:27

Big fines may not be enough to deter bad behaviour in banks

Referring to themselves as "The Cartel" or "The 3 Musketeers," traders from rival banks shared information about their clients' plans to buy or sell currencies and colluded to move the market price higher or lower to suit their own profits - at the expense of those clients.

"If you aint cheating you aint trying," wrote one in a private chatroom, while another message concluded "we delivered [in rigging the market] but I don’t wanna kiss from you...i just take a beer."

According to papers filed in New York this went on for five years, "at least" until 2013 - and investigations are continuing.

May 20 10:17

Denninger: “Wake Up America Before You Get Shot… And Possibly (Yes, Literally) Eaten”

WWhat it will boil down to is a battle for resources. As the debt bubble bursts and lenders are no longer willing to issue credit the regular flow of commerce as we experience it today will cease to function.

This will cause disruptions in everything, including food and energy delivery.

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May 20 10:09

BofAML Warns Of Looming C.R.A.S.H. Risks

May 20 09:51

New Overtime Rules May Affect Your Pay

In the next few months, millions of workers may become eligible for overtime pay thanks to new rules for employers.

May 20 09:28

Governments Giving Fossil Fuel Companies $10 Million a Minute: IMF

The fossil fuel industry receives $5.3 trillion a year in government subsidies, despite its disastrous toll on the environment, human health, and other global inequality issues, a new report by the International Monetary Fund (IMF) published Monday has found.

That means that governments worldwide are spending $10 million every minute to fund energy companies—more than the estimated public health spending for the entire globe, IMF economists Benedict Clements and Vitor Gaspar wrote in a blog post accompanying the report (pdf).

May 20 09:26

Michigan legislation would cut off welfare for families with truant children

The Michigan legislature is currently reviewing a bill that would cut off cash assistance to families with children who have poor school attendance.

In a 74-36 vote in March, the Michigan State Assembly passed HB 4014, which would remove welfare payments (known as Temporary Assistance for Needy Families, TANF) from families where a child is chronically truant according to school district rules. The bill was reviewed by a State Senate panel on May 6 and is currently pending before that body.

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May 20 08:35

Swiss bank UBS settles US legal cases for $545 million

Swiss bank UBS says it is pleading guilty to wire fraud and is paying $545 million to settle U.S. cases of market manipulation.

Webmaster's Commentary: 

And nobody goes to jail!

May 20 08:34

Job Losses & Stores Closing Keeps Increasing

Incomplete list of publicly announced layoffs & shutdowns:

May 20 08:33

Barclays slammed with £1.53BN fine for rigging foreign exchange rates as global banks face £3.6BN bill

Five of the world's largest banks have been hit with fines worth £3.6billion for rigging foreign currency rates.

Barclays alone will have to fork out £1.53billion for colluding to manipulate rates at its business in London.

JP Morgan, Citigroup, Barclays and RBS have also agreed to plead guilty to US criminal charges over their involvement in the latest scandal to engulf the industry.

The fifth, UBS, will plead guilty to rigging benchmark interest rates.

May 20 08:17

Arizona to Kick Thousands of Poor Children, Families Off of State Services

Due to a $1 billion budget deficit, Arizona has decided that best way to cut costs is to dramatically reduce money spent helping the poor.

The Republican-led legislature has reduced the lifetime limit for welfare recipients to the shortest amount of time in the 50 US states, and low income Arizona families are now only eligible to receive help for a one-year lifetime maximum.

Most long-term recipients of state welfare suffer from disabilities — whether mental or physical — and most have low levels of education.
The cuts were made quietly, during a vote in the middle of the night in March, some claim to avoid transparency.

The Governor called these cuts essential in protecting taxpayers as well as education spending, even though the money for these programs come from the federal government.

As a result of the cuts, at least 1,600 families, including 2700 children, will lose their assistance on July 1, 2016.

Webmaster's Commentary: 

OK, the parents in these families have another year to figure out how to find work, but where are the jobs which are going to support them?!?

This economy is well into a recession, and the outcome doesn't look much better right now for next year. The country, as a whole, is broke; Arizona, is broke, because of unfunded Federal mandates, and a stream of illegal immigration.

But I have to sincerely question if this was the only way the state could have addressed this shortfall in revenue.

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May 20 08:07

Welcome to the Era of Stop-Go Austerity

British Prime Minister David Cameron won a second term this month after the Conservative Party secured a majority in Parliament.

Sometimes good things happen to bad ideas. Actually, it happens all the time.

May 20 08:05

Where's All the (Fake) Money?

U.S. currency in circulation is now about $11,000 per U.S. household. It was only $7,000 per household in 2008. Years of QE seem to have enlarged the inventory of both electronic blips and paper currency.

"Where is all this currency?" asks Barron's. "The Fed can only tell you with certainty where it is not. It's 'outside' the U.S. Treasury or any of the Federal Reserve Banks, and outside the vaults of commercial banks and all other depository institutions. It must therefore be currency in circulation."

The Federal Reserve claims ignorance of this currency's precise location, and for once we can probably believe them. Few American households have their $11,000 share stuffed in the mattress. Most paper dollars are probably outside our borders.

May 20 07:59

A WARNING FROM GOLDMAN SACHS?

May 20 07:57

Recession Check: Updating The Indicators

May 20 07:46

Abracadabra! Britain’s political elite has fooled us all again

Since the crash, British politics has been one epic act of misdirection. Lay off those bankers who shoved the country into penury! Just focus on stripping disabled people of their benefits. Never mind the millionaire bosses squeezing your pay! Spit instead at the minimum-wage migrant cleaners apparently making us poorer. So ingrained is the ritual that when a minister strides into view urging the need for “a grown-up debate”, we brace ourselves for another round of Blame the Victim. The only question is who gets sacrificed next: some ethnic minority, this family on low pay, that middle-aged dad who can’t get a job.

Here is how political misdirection works in real time.’

May 20 07:44

I’VE READ OBAMA’S SECRET TRADE DEAL. ELIZABETH WARREN IS RIGHT TO BE CONCERNED

You need to tell me what’s wrong with this trade agreement, not one that was passed 25 years ago,” a frustrated President Barack Obama recently complained about criticisms of the Trans Pacific Partnership (TPP). He’s right. The public criticisms of the TPP have been vague. That’s by design—anyone who has read the text of the agreement could be jailed for disclosing its contents. I’ve actually read the TPP text provided to the government’s own advisors, and I’ve given the president an earful about how this trade deal will damage this nation. But I can’t share my criticisms with you.

I can tell you that Elizabeth Warren is right about her criticism of the trade deal. We should be very concerned about what’s hidden in this trade deal—and particularly how the Obama administration is keeping information secret even from those of us who are supposed to provide advice.

Webmaster's Commentary: 

From what I have been able to gather, should this be passed, corporations will have complete control over all aspects of American life, superseding American Law, the Constitution, and Bill of Rights, and We the People will be utterly helpless to change that.

At the point of this legislation's passage, corporations will officially own the government of the United States of America, which they already covertly do; but when this passes, it will be an in-your-face, "Shut up and don't try to change this" attitude which will bring this country into a period of absolute Medieval serfdom.

May 20 07:37

TEXAS PROHIBITS LOCAL FRACKING BANS

Last year, a city in North Texas banned fracking. State lawmakers want to make sure that never happens again.

This is all part of a broader legislative and judicial effort, backed by the oil industry, to limit local governments’ ability to regulate drilling. Backers say that both the Oklahoma and Texas bills were proposed in response to a voter-approved ban on fracking in Denton, Texas, in November.?

Webmaster's Commentary: 

This is why fracking should ONLY HAPPEN under the ground where Texas state legislators live!!

May 20 07:16

Only one in four workers worldwide has a stable job

Only one quarter of the world’s working population holds a permanent and stable job, according to a new report published by the International Labor Organization (ILO) Tuesday.

Even as the number of unemployed people worldwide remains significantly higher than before the 2008 crisis, the few jobs that have been created in recent years have been disproportionately part-time, contingent and low-wage.

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May 20 07:05

European Central Bank to speed up debt purchases

The European Central Bank (ECB) will accelerate asset purchases under its €1.1 trillion quantitative easing program, in a clear sign of growing nervousness in financial circles over the turbulence that has hit global bond markets over the past month.

May 20 06:59

Women and Biodiversity Feed the World, Not Corporations and GMOs

The two great ecological challenges of our times are biodiversity erosion and climate change. And both are interconnected, in their causes and their solutions.

May 20 05:38

Australia has Highest Minimum Wage

Australia’s minimum wage workers — aged 21 and over — make 15.96 Australian dollars per hour. After tax and other deductions, that’s equivalent to $9.54, once the difference in the cost of living is taken into account.

May 19 22:38

The Real Reason Walmart Is Struggling

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